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Financial innovation in the United States -- background, current and prospects

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  • Alfred Broaddus

Abstract

The purpose of this paper is to describe recent financial innovation in the United States, outline its principal implications with regard to (1) the structure and behavior of financial markets and (2) the conduct of monetary policy, and speculate on the likely character of further innovation in the near-term future. In the United States as elsewhere, financial innovation has been a continuous but uneven process, where the rate of innovation has varied substantially from one period to the next depending on a variety of circumstances.

Suggested Citation

  • Alfred Broaddus, 1985. "Financial innovation in the United States -- background, current and prospects," Working Paper 85-02, Federal Reserve Bank of Richmond.
  • Handle: RePEc:fip:fedrwp:85-02
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    References listed on IDEAS

    as
    1. Niehans, Jurg, 1982. "Innovation in monetary policy : Challenge and response," Journal of Banking & Finance, Elsevier, vol. 6(1), pages 9-28, March.
    2. Lyle E. Gramley, 1982. "Financial innovation and monetary policy," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jul, pages 393-400.
    3. Ben-Horim, Moshe & Silber, William L., 1977. "Financial innovation : A linear programming approach," Journal of Banking & Finance, Elsevier, vol. 1(3), pages 277-296, November.
    4. William Poole, 1969. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Special Studies Papers 2, Board of Governors of the Federal Reserve System (U.S.).
    5. F. Ward McCarthy, Jr., 1984. "The evolution of the bank regulatory structure : a reappraisal," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 3-21.
    6. Greenbaum, Stuart I & Haywood, C F, 1971. "Secular Change in the Financial Services Industry," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 3(2), pages 571-589, May.
    7. William Poole, 1970. "Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," The Quarterly Journal of Economics, Oxford University Press, vol. 84(2), pages 197-216.
    8. Kane, Edward J, 1981. "Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation," Journal of Finance, American Finance Association, vol. 36(2), pages 355-367, May.
    9. Timothy Q. Cook & Jeremy G. Duffield, 1979. "Money market mutual funds : a reaction to government regulations or a lasting financial innovation?," Economic Review, Federal Reserve Bank of Richmond, issue Jul, pages 15-31.
    10. William A. Barnett & Paul A. Spindt & Edward Offenbacher, 1982. "Divisia monetary aggregates : compilation, data, and historical behavior," Staff Studies 116, Board of Governors of the Federal Reserve System (U.S.).
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    Cited by:

    1. Caprio, Gerard & Honohan, Patrick, 1990. "Monetary policy instruments for developing countries," Policy Research Working Paper Series 528, The World Bank.

    More about this item

    Keywords

    Financial institutions ; Banks and banking;

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